Cisco announces plans to cut 5% of its workforce, affecting approximately 4,250 jobs

According to news from this website on February 15, on Wednesday local time, American networking giant Cisco announced plans to lay off 5% of its employees. This decision will lead to the elimination of approximately 4,250 jobs, causing Cisco's stock price to fall by 9% during the session.

Cisco said in a statement that in the quarter ended January 27 (this site’s note: second fiscal quarter), the company’s revenue fell 6% year-on-year, and net profit It fell to US$2.63 billion / 65 cents per share from US$2.77 billion / 67 cents per share in the same period last year.

Cisco expects third-quarter revenue to top out at $12.3 billion, with adjusted earnings per share between 84 and 86 cents. Chairman and CEO Chuck Robbins said, "Since fiscal 2024, customers have taken longer than we initially expected to deploy the high level of product delivered to them in recent quarters.

This is another technology company affected by the current "tide of layoffs". According to CNBC citing data from the website Layoffs.fyi, January this year was the busiest month for layoffs in the industry since March last year. So far this year, 144 technology companies have laid off employees. The company laid off nearly 35,000 employees. Not long ago, Reuters reported, citing three sources familiar with the matter, that Cisco planned to restructure its business. One of the plans included laying off thousands of employees to focus on high-growth areas

as of fiscal year 2023, the company has a total of 84,900 employees, and its headquarters is located in San Jose, California, USA. For details, see this site's previous more detailed reports.

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